The Australian Dollar has continued to lose against Sterling following an increase in the unemployment figures for November to 5.8% from 5.7% the previous month. This has created further excellent buying opportunities for anyone needing to buy Australian Dollars soon. Having cut interest rates already 8 times since 2011 the economy has struggled to perform consistently in terms of economic growth. The issue with unemployment rising means we could quite easily see another interest rate cut during the first quarter of 2014.
As I write GBPAUD exchange rates are close to their 4 year high seen during yesterday’s trading session so if you’re thinking about buying Australian Dollars you may wish to take advantage of this recent spike.
There are no UK data releases today but a speech due to be given by Bank of England Chief Economist Spencer Dale this afternoon could give rise to some volatility. Next week the UK announces a huge amount of data including unemployment, inflation, retail sales and the Bank of England minutes which will be published on Wednesday.
On Tuesday the Reserve Bank of Australia release their minutes from their meeting earlier this month and I feel this could provide another opportunity for Aussie Dollar weakness.
If you would like a free quote or simply want more information about how to achieve preferential rates of foreign exchange please get in touch directly Tom Holian [email protected]